Annual Russell Index Rebalance Effective After Today’s Close
By Edward Kim
June 23, 2017
•2 min read
For the past few weeks, FTSE Russell has been communicating its preliminary lists of additions and deletions to its benchmark indexes. These changes will take effect after the close today and remain in place for one year. Along with regular maintenance, such as quarterly share adjustments and IPO inclusions, this annual process ensures accurate market representation while minimizing unnecessary turnover and volatility.
Full details of the changes are available at the FTSE Russell site. This annual re balancing of the indexes is must see TV for investors of all stripes, as approximately $8.5 trillion in assets are benchmarked against FTSE Russell’s US indexes and $12.5 trillion indexed to FTSE Russell products globally. Those companies whose stocks are added to the various indexes become investor targets, while the opposite is true of those companies whose stocks are dropped.
We’ve examined in particular detail the information disclosed by FTSE Russell, including the 194 preliminary additions to, and 138 preliminary deletions from, the Russell Microcap Index, as tracked by the iShares Microcap ETF (IWC). Over one-third of the names being added are health care companies, many of which we’ve discussed in this space including:
- Aptevo Therapeutics (APVO)
- Caladrius Biosciences (CLBS)
- Ekso Bionics (EKSO)
- Marrone Bio Innovations (MBII)
- Neuralstem (CUR)
- Neurotrope (NTRP)
- NovaBay Pharmaceuticals (NBY)
We encourage you to peruse the lists of additions and deletions and familiarize yourself with the changes that will take effect to all of the indexes after today’s close. Much of today’s action will focus on the changes to the constituents of the Russell 1000 and Russell 2000 indexes, as tracked by the iShares ETFs, IWB and IWM, respectively.
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